Question : What is the procedure of buying auctioned homes after seeing an ad in paper, check liens, Titles, mortgage?
How do you check for liens and taxes, what other items should be checked? The ad says “beneficiary may elect to bid less than the total amount due”, what do they mean, and who is the beneficiary? If people are still living @ the property, how does the buyer inspects, or takes possession of the property since the ad claimes ” the sale in an ‘as is’ condition, without covenant or warranty, regarding title, possession or encumbrances to satisfy the “indebtness secured by said Deed of Trust, advances thereunder, with interest as provided, and the unpaid principal of the Note secured by said Deed of Trust with interest thereon as provided in said Note, pluse fees, charges and expenses of the Trustee and of the Trusts created by said Deed of Trust”? Looks like there are so many legal language that I like to know exactly what is involved? Also Is it O.K. to approach owners, and what should be offered? A property is auctioned for smal amount of backed association dues, what happens to Mortgag?
Any of you pros out there, anyone with experiece, anyone who actually gone through this procedure, and got properties in auction, through ads in the local newspaper? Also somebody was advising of going out there and purchase 2nd loans and get 15-17% interest on it?
home warranty association

Best answer:

Answer by yarnlady_needsyarn
As you have already discovered there is much to learn before you invest in the purchase of auctioned homes. There are some wonderful classes that are offered by reputable real estate firms, such as Century 21, and Coldwellbanker.

If you want to try to learn on your own, I have provided links to some excellent how to guides.

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